Government sells two Canberra plots
The Suburban Land Agency has sold two prominent sites to developers expected to deliver hundreds of apartments.
In the biggest deal, the ACT government arm is banking $30 million for a 7070 square metre CZ5 Mixed Use zoned – once public housing – at 10 Forbes Street, Turner.
The buyer, Cedar Pacific, is planning a build to rent investment with over 270 dwellings.
Some 15 per cent of residences will be allocated affordable housing.
The deal comes four years since the SLA offloaded a neighbouring 1.6 hectare piece of the former public housing complex, Northbourne Flats, with plans for 418 units in towers between six and nine storeys, and 529 car parks.
That site sold for $59.3m to local developer Amalgamated Property Group.
Attractive metrics: agent
The 10 Forbes St selling agent, JLL managing director, Tim Mutton, said the ACT’s tax system for the build to rent sector offers reduced land tax and general rates
“The Crown lease prohibits unit titling on the residential dwellings,” JLL selling agent, managing director, according to the executive.
“This will significantly reduce ongoing property tax liability and support the long term rental operation of the apartments,” he added.
“As the capital city continues to evolve, the Cedar Pacific build to rent project aligns with the SLA vision of a progressive and inclusive city” (story continues below).
Hellenic Club expands Phillip footprint
Meanwhile, the SLA has awarded the tender to develop a prominent Phillip block to the high profile neighbour – the Hellenic Club of Canberra.
The 1.3 hectare parcel, Block A, Section 6, between Matilda, Bowes and Callam streets, in the Woden Town Centre, is collecting $18.7m.
Presently an open air car park and bus exchange, it was listed last year as Woden Village, permit-ready for a 200-unit apartment tower, 20 of which will be affordable housing while 10 will be community housing.
Two office buildings are also planned; structures are expected to rise 12 to 16 storeys (artist’s impression, top).
Ground floor retail, hospitality, a creative hub and community pavilion and 370 public car parks are also planned.
With electric vehicle charging points and green roofs, a 5-star or greater Greenstar Building rating is being targeted.
Last year the Hellenic Club of Canberra was approved to replace its neighbouring site with product expected to carry an end value of c$150m, including a 12 level, 151 suite hotel, 16 storey office, health club, auditorium, retail, hospitality and more car parks.
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